New Plan Would Protect Taxpayers, Tighten Regulatory Safeguards

WASHINGTON, DC - The two million-member SEIU (Service Employees International Union) is backing the plan announced today by Rep. Peter DeFazio and other Members of Congress to restore confidence in the financial markets. The new bill, called the "No BAILOUTS Act" (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security), is being introduced by Rep. DeFazio (OR-04), with Rep. Kaptur (OH-09), Rep. Scott (VA-03), Rep. Cummings (MD-07), Rep. Doggett (TX-25), Rep. Holt (NJ-12), Rep. Edwards (MD-04) and Rep. Hirono (HI-02).

"We finally have a plan that will restore confidence in the financial markets without writing a blank check to the same Wall Street banks and CEOs who got us into this mess," said SEIU President Andy Stern. "This is an important, short-term solution that protects taxpayers and their savings accounts. To revive the economy over the long-term, we must address rising unemployment, stagnant wages, the healthcare crisis, and a tax system that is tilted in favor of the wealthy."

SEIU is calling on Congress to address the broader economic crisis facing working families as it moves to alleviate the crisis in the financial markets.

As a first step, SEIU is calling on the Senate this week to pass the economic stimulus plan approved by the House. Last week, the House of Representatives passed a $61 billion package to aid working families and stimulate the economy that included investment in American infrastructure, increased aid to workers in the form of unemployment and food stamp benefits, home heating assistance, and Medicaid funding to cash-strapped states. Republican Senators however, blocked the bill.

SEIU members are making 150,000 calls this week to Senators running for reelection, including Sen. John Sununu (R- N.H.), Sen. Mitch McConnell (R- KY), and Sen. Roger Wicker (R- MS), criticizing them for failing to take action on a stimulus package to ease the economic pain of working families.